Zakat-al-mal nisab increased to MVR 11,191.95

The Maldives Zakat House has announced an increase in the nisab (minimum threshold) for zakat-al-mal, setting the new amount at MVR 11,191.95, effective from yesterday.

This marks an increase from the previous nisab of MVR 9,264.15, which was last set in April this year.

Zakat-al-mal is a compulsory charitable obligation in Islam, payable annually by individuals who possess wealth equal to or above the nisab for one full Hijri year. The standard zakat rate is 2.5%, or one-fortieth, of the total qualifying wealth.

The nisab is tied to the market value of gold and silver, and adjustments are made in response to fluctuations in global prices. According to the Maldives Zakat House:

The nisab threshold corresponds to:

The Ministry of Islamic Affairs has emphasized that calculating nisab based on silver is more beneficial for the poor, especially in smaller economies like the Maldives.

In the Maldives, zakat-al-mal is collected through the Maldives Inland Revenue Authority (MIRA).